‘Kisan Card’ launched by Axis bank to facilitate easy agriculture lending to farmers through ATMs.
The private lender bank, Axis Bank launched an electronic Kisan Card on the RuPay platform, through which a farmer can withdraw up to Rs. 1 lakh per day from Automated Teller Machines ( ATMs)
Purpose: To facilitate easy agriculture lending to farmers through ATMs.
Electronic Kisan Card
- Will be offer to agrarian customers on their cash credit crop loan accounts.
- Helpful for them to reduce the interest burden as the interest payments start after withdrawal of the money.
- Provides queue free, 24×7 disbursement facility for farmers.
- Allows them to use their loan limit by withdrawing cash up to Rs 1 Lakh per day, in the required quantum, as and when required, thereby reducing their interest burden and negating the risk of carrying higher volumes of cash.
Categories: Banking Current Affairs 2017